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Cavuto on Business

News/Business. Neil Cavuto and market analysts discuss financial issues and forecasts. New. (CC)

NETWORK

DURATION
00:31:00

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SCANNED IN
San Francisco, CA, USA

SOURCE
Comcast Cable

TUNER
Channel v760

VIDEO CODEC
mpeg2video

AUDIO CODEC
ac3

PIXEL WIDTH
1280

PIXEL HEIGHT
720

TOPIC FREQUENCY

Us 7, Adam 7, Ben 4, Charlie 2, The Irs 2, Zimmerman 2, Gary 2, Nsa 1, Hernandez 1, Bep 1, Odin Lloyd 1, George Zimmerman 1, Elizabeth 1, Steve 1, Ben Bernanke 1, Tsa 1, Aaron Hernandez 1, Best Investment Services Company 1, America 1, Scottrade 1,
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  FOX News    Cavuto on Business    News/Business. Neil Cavuto and market analysts  
   discuss financial issues and forecasts. New. (CC)  

    June 22, 2013
    7:30 - 8:01am PDT  

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another 10%. >> john, quickly. >> facebook finds a way on monetize. video will help them. >> bull or bear? >> too much of a run up. i'm a bear. never let a scandal go to waste. and when it comes to the nsa, don't do millions know it. hello, everyone. this guy is proof we need more government workers. according to a new report, they're ready for a new fight against hiring outside contractors while pushing for are more federal workers and security jobs. that have you feeling a little insecure? gary, what do you think? >> there is no proof that contractors do a bad job for us with our security. this is an outlier event, one that should be arrested. i do not want any union
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employees put down our throatses in the security business. that will affect us going forward. i want good people running the show. >> there is also a report out friday that says even though the nsa has rule order how to handle our communications, there are so many gray areas or wiggle room, if you will, that it's all kind of spooky anyway. >> it is. and i will borrow something i know adam might very well say. of course the unions will try and increase their ranks. which theoretically if you had more government workers versus private contractors, that would happen. actually i totally agree with gary this is a one off. you can have people who leak confidential information even if they work for the government. you call him a whistleblower, i say private bradley. >> i've done a lot of reporting about the whistleblowers.
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they're all insane to a certain extent, so we should expect that much different from this guy. i do have a little bit of a problem, though, farming this sort of essential stuff out to to contractors. i think we don't farm out the police department. we don't farm out the fire department. why should we be farming out surveillance. there is a degree of extra control -- >> if they were federal workers, we could all sleep well at night? >> i'm not saying that. i'm saying we have more control in-house. there is more control of the police and fire departments because it's in-house. >> bep, hn, how do you feel? >> i could not agree more. the guy that these guys outside contractors have access to phone records of every single person in america if not the entire world is insane. and i think they should at a minimum be government employees and subject to whatever laws, including laws of -- >> all i was saying is whether
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they're within the government or outside contractor, if they're not properly managed, then they're going to leak anyway. >> let me jump in there. >> there's one more level between the government supervision and the contractor than there is if they were correct government employ direct government employees. >> adam, you have me momentum i your favor. >> i could not agree more with the last two. first of all, this this is of course as everybody knows has nothing to do with unions. we might rename the program bash unions weekly because that's the set up for this segment. >> no, adam, hold one second. this is a play book of the tsa. in other words, it's a big body, it starts out independently, but you go after it and we've seen
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this playbook working before. >> let me just speak to that. because that's exactly what you would expect in an organizations leadership to do. the point here is what we can make a generalization about in this country is that we have let this idea that you should farm everything out to contractors run amuck. it is not always the best thing to let the market decide how these things should be done. a key function of the government should be done by government employees. that's the point here. >> we're talking about things running amuck. what's running amuck is not that they aren't unionized, but the abuse of you power and all the gray areas that the nsa seems to have these days. >> it that has nothing to do with unions or nonunions. >> all i'm interested in is the best people in this job. our security is the number one most important thing this country needs at this point in
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time. i'm saying -- listen, i'm not saying they're not. if it's from there, fine, give me the best people. my issue is when they use this as a wedge to get in there and get more of their employees in to the nsa and these other places. >> and to that point, the irs, all these scandals going on, $70 million in bonuses. this is what happens. so maybe you have less layer of accountability with respect to management, but certainly when the unions take over, you can't fire anybody. and they always get paid. $70 million in the midst of this crisis for the irs. >> you don't need to -- basically you can be screwed up and be managed by the government, witness this irs. and i would argue that when you put somebody's profits and you put their business at risk, those companies moving forward that are private contractors by the government, if the government bears down on them,
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you better damn well be sure that they are going to prevent people from -- >> just the opposite. >> the anti-union sentiment is such a thin read. it's a straw man. the fact is the unions will benefit from this, there will be more union workers if it they move it in-house. that is a consequence. >> it's not reason why we're doing this. >> and by the way, we should point out when you farm out a lot of stuff, farm out prisons, which they have done, a lot of abuse occurs because there is a dividing line between government and private business. >> i'm just saying that you have about a third of top secret -- top security clear answers that are outside contractors right now. i don't see the harm in that despite this one jerk who is in hong kong. >> outside contractors also do lousy jobs at background checks. they're among the worst around. >> go ahead, ben. >> do you not see that there is
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this missing layer of accountability? surely a woman as brilliant as you sees this missing layer of accountability. these guys are party animals. i know these private contractors. they're party animals. >> but i'm not a believer that we will do a better job at surveillance, at fighting terrorism if you basically make all of these workers 100% within the government. >> why is it such a foregone conclusion that by aegd the bureaucracy of government that it's actually going to make the program better? because i have lost so much faith and i think the viewers share the sent niment in government-run things. >> i understand, but we're in the realm of opinion. so she said if you hire a contractor, you can hold their feet to the fire.
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i would say you hold a contractor, they're motivated to make the best profit they can as they should by the way. they will cut costs in order to do that. >> unless you lose all government revenues because you screw up. >> does the police department did a great job? they do a great job here in new york. this is an essential service. >> the army does a good job and private manning leaked classified information. >> what is the argument that an essential service just because it's a government, just because it might happen to be with a union, will do a lousy job? >> gary, you have the last word on this. >> the argument is simple. we just want the best people whether it's from the unions or not. the issue is using the political side of it, going after one guy who we already called him a few names and using them to get more of your people in there. i don't want that. i want things done right. i want the best people for the
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job. >> all right. and i think we all agree on that. we'll agree to disagree with respect to whether unions bring accountability. we'll see. hey, how about this? a free pass for companies passing out your private information to the government. that's what the nchsa wants. up here next, when it costs to the new immigration bill, critics are saying don't believe the hype because it's what didn't make the headlines that should have all workers worried. we went out and asked people a simple question:
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how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ test. ... ...
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this is a fox news alert. the judge in the george zimmerman murder trial ruling that the and you had i don't experts cannot testify on the screams heard in a 911 call. one expert ruled out zimmerman as the screamer and another said it was trayvon martin. a defense expert argued there was not enough audio to make a determination. zimmerman says he shot the florida teen in self-defense
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last year. opening statements are set for monday. pro football player aaron hernandez has lost his first endorsement deal as a murder investigation continues to swirl around him. the company that makes muscle milk says it's ending its contract with the patriot. police are investigating whether he's connected to the murder of semipro football player odin lloyd. his body was found monday near hernandez's home. now back to cavuto on business. while a key government report says it would reduce the deficit over the next ten year, it's also say wages would actually decline for all workers. ben. >> well, of course wages will decline. influx of lower waged workers. historically the purpose of looser immigration laws has been exactly that, to put pressure on
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wages downward. and that will do that this time, too. but let's remember that a lot of the jobs these guys will be taking are jobs that americans don't want to have in the first place. so it really wouldn't matter what you want to pay. not many harvard chickens will want to pull the lungs out of chickens. so although i imagine that's how they feel about a lot of their professions. but the whole purpose is to lower wages. >> i find it interesting because we've established a society where americans don't have to do those jobs because they can sit at hope and collect checks. that's the alternative. if they didn't have that alternative, they would be out there catfish farms and doing whatever job they could. it's a luxury in this country not to have to work. >> the longer you stay home, the more you get checks. it's amazing to watch and we've seen the newspapers on the
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checks that are being sent. as far as the wages go, you add a ton ever people to the pie and you have a certain amount of money, fixed amount of money, wages are most certainly going to go down. and this is going to be the outcome. got another big bill with the immigration thing. and i'm not against it, but the way they're doing it, i have a big worry about how it will affect the economy. and to hear the cbo which i call the congressional bull crap office with their numbers say it will help the economy and they say it will help the economy and help the deficit, i don't think so. >> hard for me to believe that, too, charlie. every time the cbo scores something and all of these things where we spend trillions of dollar, somehow we save money at the end, just baffles me. >> like obamacare. >> exactly. >> i'm trying to think of an anti-union angle here. i mean, i want to correct ben on one thing. he made the point before that
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immigration is basically to to meet demand for labor. not to drive down the cost of labor. so -- >> among other things. >> what's odd about this is that we don't have a demand for hard labor. and they're still thinking about bringing people in. and this is what i don't get from the left. they say they're for the poor and everything, to give benefits out. and basically help the poor. this doesn't help the poor, this hurts the poor. it drives down the base wage rate. >> it actually if you look at the cbo report, it says that wages will drop slightly for lower income americans and higher income -- it's the middle group that will not have a negative. and i have the union argument. if you unionize like mcdonald's, your prices will go up if the wages go up. if you keep wages flat or lower, that means prices at restaurants and retailers that we all go to will remain steady.
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>> they went into hard labor. but by the way, that was this 9 1920s when there was a need. we don't have the need now. >> we will also bring in more skilled higher -- >> let's bring in the guy who is in silicon valley right now. adam, her intellect will all answer went over my head. so straighten me up. >> at the high end, boo-hoo for the wealthy who will face new competition. there actually is -- >> what competition are you talking about? >> that's not what this argument is about. there is a labor shortage. this argument is not about the high end labor. there is plenty of jobs out there for technicians and -- >> let adam finish.
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g guys, hold on. >> the two things that the report addressed, it would depress wages at the high end. we've ascertained, agreed, we don't care about that so much. >> so what do we care about? >> the impact would be tiny. i mean, statistically irrelevant. >> that makes no sense. >> and it won't really drive down wages. it will drive down -- >> finish, adam. >> it will drive down recorded wages. because right now these 11 million people are not being recorded because they're not official. >> here is the thing, though. how could you be so cavalier to say whose wages should go down and whose shouldn't? you're talking about americans. and you're like i don't care if this guy's wages go down because he or she makes x amount of money. isn't that a crazy way of looking at it? >> he asked me at the high end this is good competition. silicon valley companies need more people. >> nobody cares about the high end. this is not an argument about
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the high end. >> that was my point. by the way, the latest news on the immigration bill is that the republicans want more security, military-like security on the border. that's what it will take to get their votes. that's going to cost a lot more money. >> that's not what we're arguing here. if you have an influx of low skilled workers, will that depress wages for poor people. yes, it will. it has to. >> the bottom line is it will. i think everyone has to agree that it will. and we should all care about that. by the way, i care about all americans' wages going down and i also care about the fact that they don't have to take these jobs and that's why we're in this debate in the first place. up next, let's call it electric sticker shock. why the latest from the white house could have you paying more green for energy bills. >> looks like tomorrow i'll be shoveling ten feet of global
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warming. >> it can cause both extremes, hot and cold. >> so you're saying warming makes it colder. well, aren't you the queen of crazy land?
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>> coming up. taxpayers shelling out for more greenhouse energy bills. they could be seeing red with
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♪ >> green and turning red. the white house set to announce a new global warming push targeting power plants with stricter limits on emissions. critics say it will hit consumer with higher energy costs. monthly bills up 40 percent in
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the past ten years, can we afford it? >> we couldn't. look, i can give you an example look at the chart of the coal stocks after they put regulations on these companies. electric companies will raise prices on the consumer and our costs will go up. that will affect the economy. it is a big cost to the consumer. >> ben, it seems tough that we are asked to pay so much higher in electricity costs in a time when the country is trying to struggle out of the abyss that it is in. >> there is no cost to high to save the earth. the really problem is do we know it is hurting the earth. the scientist are not 100 percent unanimous. despite what they tell us. the signs are not clear on this. just don't think we should go all out on this.
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>> adam, getting rid of 43,000 megawataugas of power and replace it with what? >> just having come back from china where the air is disgusting, i am glad to live where the air is cleaner, we have not had a increase in electricity demand for five years. it is more about the economy. >> but prices are up and you mentioned we haven't had demand. imagine what happens, adam, what happens when we take 280 coal fire plants off line. what happens to our bills? >> our bills will go up if we don't put anything else on line. >> that is the natural gas dropping it down. our emissions are in the lowest levels in 20 years. >> you want to know why the market went town 5 or 600 points. it is tough like. this obama economy and minus the
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monetary crack. regulation and higher taxes and nonsense like this. >> every time ben bernanke speaks,it is this. dagen, now doubt there is a better way. the way it is going through is hams iffed. nnatural gas promote the exmroration and that will drive down the co2 emission. >> my thanks to charlie and dagen. big ben may be saying good bye to all of that money. our gang has stocks that are set toroar. de's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade.
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>> afraid higher interest rates might slam your stocks? our gang said don't be afraid of their pick. >> tbt. special rates go up this goes up. >> adam what do you like? >> xlp. charles it is less special rate
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censative. people have to keep eating no matter what. >> ben, what do you like? >> if you are on the same team sign up. >> he's been writing and cost of freedom continues for a place for business. that is always right, fox. >> you help us and we'll help you. head of the national security agency asked in congress to give legal immuneitty to private companies. should angry customers like you be able to sue those companies if they are wrongfully targeted. >> hi, everybody. welcome to forbes on fox. we'll go with steve and rick and rich and elizabeth and sabrina and john. john, should customers like us be able to sue in >> yes, we should be. companies should not be helping the federal government to snoop on us. we have to ask ourselves